It’s National Small Business Week, which makes this an ideal time for me to explain the paradox surrounding women-owned businesses in America and offer some smart advice from a female entrepreneur who successfully launched her company after age 60.
The Paradox of Women Business Owners
Here’s the good and not-so-good news about women business owners, based on the recently-released 2013 Women-Owned Business Report, published by American Express OPEN, a payment card issuer for small businesses:
The good news: between 1997 and 2013, the number of women-owned businesses increased by 59 percent – 1½ times the rate of U.S. businesses overall. What’s more, over the past 16 years, employment by companies owned by female entrepreneurs was up by 10 percent and their revenues grew by 63 percent. Both of those increases exceed those of all but the largest, publicly traded firms.
Today, more than 8.6 million U.S. businesses are owned by women. They generate more than $1.3 trillion in revenues and employ nearly 7.8 million people.
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